The last step in calculating the cost of goods sold report is to apply costs to units completed and to units in the ending work in process.

Question

Quizplus · Accepted Answer

This is true. Once the cost of goods manufactured has been calculated, the next step is to apply these costs to the units completed (finished goods) and the units still in progress (ending work in process) to determine the cost of goods sold.

The Last Step in Calculating the Cost of Goods Sold